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Hacker Attacks Acala Network But Still Can’t Transfer ACA Token

August 14, 2022 - Around 2 mins mins to read
CoinCu continues to update on the attack on the Acala platform that caused 1.2 billion new stablecoins to be released. Acala Dollar (aUSD) lost the peg and is down 15% at the time of writing.
Hacker Attacks Acala Network But Still Can't Transfer ACA Token
Hacker Attacks Acala Network But Still Can't Transfer ACA Token 5

After the hack on Acala Network, a cybersecurity expert found a suspicious wallet address. This address holds more than 1.2 billion aUSD and 785 ACA. Besides, this wallet address has made many transactions to transfer aUSD to the DEX but all failed.

Hacker Attacks Acala Network But Still Can't Transfer ACA Token
The hacker’s suspected wallet address has made many transactions to transfer aUSD to the DEX but all failed

Currently, developer Acala is calling for an emergency vote to suspend operations on the platform. The team also did not provide more details about the hack. This year, many stablecoins have lost their pegs, such as TUSD; USDT; DEI; USDD. The series of incidents caused stablecoins to question their stability.

At the time of writing, the aUSD price has dropped 15% in 24 hours and is trading around $0.85. Before the drop, the price of stablecoins belonging to the Polkadot ecosystem rose slightly to $1.02. According to sources from the online community, the price of aUSD once fell to $0.009 in a short time.

Hacker Attacks Acala Network But Still Can't Transfer ACA Token
aUSD daily chart. Source: CoinMarketCap

Not only that, but Acala’s native token (ACA) also saw a strong flush that caused the price to drop 7% in 24 hours. At the time of writing, the ACA price is trading around $0.29. On the other hand, 24-hour trading volume increased 147%, but ACA capitalization fell 10.5%. This represents an ongoing oversold trend following the stablecoin aUSD crash.

Hacker Attacks Acala Network But Still Can't Transfer ACA Token
ACA daily chart. Source: CoinMarketCap

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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Acala Network

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

Hacker Attacks Acala Network But Still Can’t Transfer ACA Token

CoinCu continues to update on the attack on the Acala platform that caused 1.2 billion new stablecoins to be released. Acala Dollar (aUSD) lost the peg and is down 15% at the time of writing.
Hacker Attacks Acala Network But Still Can't Transfer ACA Token
Hacker Attacks Acala Network But Still Can't Transfer ACA Token 10

After the hack on Acala Network, a cybersecurity expert found a suspicious wallet address. This address holds more than 1.2 billion aUSD and 785 ACA. Besides, this wallet address has made many transactions to transfer aUSD to the DEX but all failed.

Hacker Attacks Acala Network But Still Can't Transfer ACA Token
The hacker’s suspected wallet address has made many transactions to transfer aUSD to the DEX but all failed

Currently, developer Acala is calling for an emergency vote to suspend operations on the platform. The team also did not provide more details about the hack. This year, many stablecoins have lost their pegs, such as TUSD; USDT; DEI; USDD. The series of incidents caused stablecoins to question their stability.

At the time of writing, the aUSD price has dropped 15% in 24 hours and is trading around $0.85. Before the drop, the price of stablecoins belonging to the Polkadot ecosystem rose slightly to $1.02. According to sources from the online community, the price of aUSD once fell to $0.009 in a short time.

Hacker Attacks Acala Network But Still Can't Transfer ACA Token
aUSD daily chart. Source: CoinMarketCap

Not only that, but Acala’s native token (ACA) also saw a strong flush that caused the price to drop 7% in 24 hours. At the time of writing, the ACA price is trading around $0.29. On the other hand, 24-hour trading volume increased 147%, but ACA capitalization fell 10.5%. This represents an ongoing oversold trend following the stablecoin aUSD crash.

Hacker Attacks Acala Network But Still Can't Transfer ACA Token
ACA daily chart. Source: CoinMarketCap

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News